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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenyan shilling rises against U.S. dollar

NAIROBI (Xinhua) -- The Kenyan shilling sustained an upward trend against the U.S. dollar on Thursday closing in the 101.3 territory.

The shilling traded at an average of 101.35 to the greenback, up from Wednesday’s 101.60.

The Central Bank of Kenya quoted the local currency at 101.38 per dollar, from 101.62 in the previous session.

The east African nation’s commercial banks, on the other hand, placed the local unit at between 101.30 and 101.40 to the dollar, stronger margins from an average of 101.50.

Currency traders at financial institutions attributed the rise of the shilling to an increase in inflows, especially from the agriculture sector.

Against the British Pound, the shilling rose to a new high of 140.16, from Wednesday’s 141.47.

Analysts say the shilling is expected to strengthen in the short term against world currencies as Kenya awaits Eurobond proceeds.

           

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